Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) (‘Rua Gold’ or the ‘Company’) is pleased to provide an update from the drilling campaign underway at the Reefton Project on the South Island of New Zealand.
Highlights:
All three holes in Murray Creek have intercepted visible gold in down-dip extensions of the historical Victoria lode, demonstrating vertical continuity over 100 meters and still open.
Murry Creek assays ranging from 11.1 – 34.1g/t gold, intercept widths indicate a pinch and swell of the vein from 0.2 – 1.2m.
1.35% Sb (stibnite) in DD_VIC_42A demonstrates the antimony potential in this region.
Introduction of Devico Navi-drilling provides benefits of accuracy and economy in the resource definition stage.
Gold results in 4 of the 6 drill holes at Capleston, with the northern-most intercept averaging 4.8g/t Au over 3.3m.
Robert Eckford, CEO of Rua Gold commented: ‘it is very encouraging to be intercepting gold on the majority of our targets in the Reefton Goldfield. Murray Creek has delivered vertical continuity and visible gold on every hole and even more exciting as we start seeing visible antimony on this target. The drill program is progressing nicely and with the navi-drilling team in place and two main holes complete, we can start building structure with our 20m spaced drill program. The near surface gold results at Capleston also indicate there is potential for early development opportunities.’
Figure 1: Quartz vein from VIC042A, 0.3m @ 27.18 g/t Au.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/237800_d3f1e88f54b14a9f_007full.jpg
Murray Creek
The Company has advanced the testing of the down-dip extension of the Victoria lode, DD_VIC_042B. This intersected the targeted gold vein at 390m down hole with a 1m quartz vein followed by a 0.2m mineralized fault, including fine visible gold throughout the vein and antimony infilling fractures. This intercept is 80m below the historical Victoria mine, and 20m northeast of the DD_VIC_042A intercept.
The third drill hole (DD_VIC_042A) intercepted a 0.3m quartz vein with visible gold in a 0.6m mineralized fault. The quartz vein assayed 0.3m at 27.2/t Au with 1.35% Sb (antimony).
Table 1: Assay results Murray Creek Drilling Program
Drill hole
From
To
Interval
Au (g/t)
Sb (%)
VIC_042
388.65
388.85
0.2m
34.1
Not tested
VIC_042A
388.6
388.9
0.3m
27.2
1.35%
VIC_042B
390.0
391.2
1.2m
11.1
Pending
Rua Gold have commenced a series of directional drill holes with IMDEX Devico Navi-drilling to progress the delineation of the unmined reef down dip and along strike.
Two parent holes have been established (DD_VIC_042 and 046) and there are 6 more directionally drilled holes planned in the first quarter 2025. This program will test ~200m down strike of the historical Victoria Mine lode which produced 33,877oz at 19.9g/t Au (Barry, 1993).
Figure 2: Cross section through the Victoria lode, Murray Creek.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/237800_d3f1e88f54b14a9f_008full.jpg
Capleston
The Company is targeting an undeveloped and near-surface vein at the southern end of the two kilometer long historic Capleston project. Near surface targets lend themselves to early development and are the closest to transportation and infrastructure, providing low-cost operational advantages.
The program consists of 6 drill holes, with the northern-most intercept averaging 4.8g/t Au over 3.3m.
Table 2: Assay results Capleston Drilling Program
Drill hole
From
To
Interval
Au (g/t)
REF_043
32
33
1m
3.2
REF_044
31
32
1m
2.9
REF_044T
29
31
2m
5.3
REF_047
29.7
33
3.3m
4.8
No significant results in DD_REF_045, 048.
The drill rig at Capleston has been demobilized as the exploration team shift its focus onto the Cumberland targeted as highlighted in the news release dated January 13, 2024. Results from the drill program will be collated into the model and assessed for the next phase of drilling.
Figure 3: Intercepts of REF047 and REF048, inspecting core at Reform.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/237800_d3f1e88f54b14a9f_009full.jpg
Figure 4: Location of Reefton Projects
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/237800_d3f1e88f54b14a9f_010full.jpg
QAQC Drilling
The majority of drillholes were sampled in full, typically following 1-m sample intervals unless geological contacts (i.e. dolerite intrusions) dictated otherwise. NQ core was analyzed as whole core; therefore, only requiring cutting along sample intervals. PQ and HQ core were sampled as half core.
Coarse gold intersections (Victoria lode visible nuggety gold intervals) are sampled in full, dried and dispatched to ALS Perth, Australia for PhotonAssay analysis using method PA01 with a detection limit of 0.03ppm Au. 500gm samples were submitted with Certified Reference Material (CRM) following coarse crushing. This method is non-destructive allowing the preservation of the entire whole-core, and unlimited repeat testing.
Standard drill core samples were sent to SGS Westport for sample preparation. Core was crushed to 75% passing 2 mm, and 1-kg split of material was pulverized (to 85% passing 75 µm). No split duplicates were collected during the crushing steps. Two scoops were taken from the pulverize bowl: one for laboratory analysis (~150 g) and the other for pXRF analysis (~100 g). The pulp reject is stored in Reefton. Pulverized drill core samples were analyzed by 50-g fire assay with AAS finish at SGS Waihi (SGS Code FAA505). The detection limit for Au by this method is 0.01 ppm. As part of SGS’ internal quality control, SGS conducted repeat analyses, also at a rate of ~5%.
The QP has verified the data disclosed including sampling, assay procedure and analytical information contained in the written disclosure.
ABOUT Rua Gold
Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of Rua Gold’s two highly prospective high-grade gold projects.
The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand’s South Island with over 120,000 hectares of tenements, in a district that historically produced over 2 million ounces of gold grading between 9 and 50 grams per tonne.
The Company’s Glamorgan Project solidifies Rua Gold’s position as a leading high-grade gold explorer on New Zealand’s North Island. This highly prospective project is located within the North Islands’ Hauraki district, a region that has produced an impressive 15 million ounces of gold and 60 million ounces of silver. Glamorgan is adjacent to OceanaGold Corporation’s biggest gold mining project, WKP.
For further information, please refer to the Company’s disclosure record on SEDAR+ at www.sedarplus.ca.
Technical Information
Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure contained herein.
Rua Gold Contact
Robert Eckford
Chief Executive Officer
Tel: +1 604 655 7354
Email: reckford@RUAGOLD.com
Website: www.RUAGOLD.com
This news release includes certain statements that may be deemed ‘forward-looking statements’. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur and specifically include statements regarding: the Company’s strategies, expectations, planned operations or future actions, including but not limited to exploration programs at its Reefton project and the results thereof. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s CSE Form 2A – Listing Statement filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.
Forward-Looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237800
News Provided by Newsfile via QuoteMedia